Epix Pharmaceuticals, Inc. Announces Additional Information Concerning the May 28, 2010 Auction Sale of EP-3600 MRI Imaging Agent

WELLESLEY HILLS, Massachusetts, May 17, 2010 - Joseph F. Finn, Jr., C.P.A. ("Finn"), Assignee for the Benefit of
Creditors of Epix Pharmaceuticals, Inc. ("Epix"), announced today that the
MRI imaging intellectual properties of the EP-3600 MRI imaging agent, which
will be auctioned on May 28, 2010, include potential royalties of 2% each
from the development and commercialization of three additional programs
related to MRI imaging agents and/or technologies. There is also a fourth
program related to one MRI imaging agent with a potential royalty of 4-6%
from the development and commercialization with a buy-up option to increase
royalties up to 15-17%. Furthermore, the purchase of EP-3600 also includes
the rights to develop and commercialize collagen binding therapeutics using
the same proprietary technology that resulted in the discovery of EP-3600.
Collagen binding therapeutics could be targeted toward the treatment of
debilitating diseases such as scleroderma.

The assets of Epix were transferred to him on July 20, 2009 and he is
liquidating them for the benefit of Epix creditors. He recently reached an
agreement with Bayer Schering Pharma that permits the sale of the MRI imaging
programs.

EP-3600 and related analogs are gadolinium-based MRI imaging agents with
a potential indication for myocardial perfusion imaging. These lead compounds
represent first-in-class collagen binding agents that are currently in
preclinical development.

Persons interested in bidding must sign a Confidentiality Disclosure
Agreement ("CDA") obtained from Finn's Office -
IPSALESERVICES@FINNWARNKEGAYTON.COM or +1-781-237-8840. They will then
receive a bid package and access to an electronic data room.

About Joseph F. Finn, Jr., C.P.A.

Joseph F. Finn, Jr., C.P.A. is the owner of the firm Finn, Warnke &
Gayton, Certified Public Accountants of Wellesley Hills, Massachusetts. He
works primarily in the area of management consulting for distressed
enterprises, bankruptcy accounting and related matters, such as assignee for
the benefit of creditors and liquidating agent for a corporation. He has been
involved in a number of loan workouts and bankruptcy cases for thirty-five
(35) years. His most recent Assignments for the Benefit of Creditors in the
biotech field include Spherics, Inc., ActivBiotics, Inc. and Prospect
Therapeutics, Inc.

For further information, please contact Joseph F. Finn, Jr., C.P.A. at
+1-781-237-8840 or IPSALESERVICES@FINNWARNKEGAYTON.COM

Joseph F. Finn, Jr., C.P.A., +1-781-237-8840, ipsaleservices at finnwarnkegayton.com